Dubai's stock market rose yesterday but was slowed by Drake & Scull International (DSI) after the emirate's second-biggest contracting company reported a big drop in second-quarter profit.
DSI's shares fell 0.9 per cent to 91 fils. The share price fell by as much as 4.5 per cent during the session.
The Dubai Financial Market (DFM) General Index rose 0.09 per cent to 1,578.98. Emirates NBD was up 0.6 per cent to Dh3.02.
Drake & Scull "was able to recover its losses during the session," said Nabil Al Rantisi, the managing director brokerage at Menacorp Finance. "Investors think that this is a good company that is cash rich but speculators were taking advantage of the news to depress prices to get a better deal. The stock was in an uptrend, that dip was a good place to buy."
DSI's shares have risen 21 per cent so far this year.
The Abu Dhabi Securities Exchange General Index closed 0.1 per cent higher to 2,556.96, continuing a run of consecutive gains.
The UAE stock exchanges will be closed starting this Friday through to the 4th of Shawwal next week for the Eid Al Fitr holiday, the Securities and Commodities Authoritysaid in a statement on its website.
Elsewhere in the region, Kuwait's measure added 0.2 per cent to 5,713.28; Bahrain's index gained 0.3 per cent to 1,080.00; and Qatar's QE Index was little changed, up 0.03 per cent, to 8421.08.
The Saudi Tadawul All-Share Index was up 0.51 per cent to 7,003.79.
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